Bussiness

GST collections for Jan 2021 touch all-time high of Rs 1.2 lakh crore

Goods and repair tax (GST) collections for January 2021 touched an all-time high of Rs 1.19 lakh crore since introduction of GST regime, the finance ministry mentioned Sunday.

“The GST revenues during January 2021 are the highest since the introduction of GST and have almost touched the ₹ 1.2 lakh crore mark, exceeding last month’s record collection of ₹1.15 lakh crore,” the ministry mentioned.

The constant collections of over Rs 1 lakh crore for the final 4 months and a steep rising pattern over January have been ‘clear indicators of speedy financial restoration’ put up pandemic, the ministry added.

It attributed the continued rise in collections to nearer monitoring in opposition to fake-billing, deep knowledge analytics utilizing knowledge from a number of sources together with GST, income-tax and customs IT programs and efficient tax administration.

The common year-on-year development in GST income over the primary 4 months within the second half of the monetary 12 months has been 8% as in comparison with (-) 24% through the first half of the 12 months, the ministry added.

GST collections for January 2021 – touching the Rs 1.2 lakh crore mark – have been 8% greater than final 12 months collections of over Rs 1.1 lakh crore. During the month, revenues from import of items was 16% greater and the revenues from home transactions together with import of companies, was 6% greater in the identical interval.

The gross GST income collected within the month of January 2021 until 6pm on January 31, 2021 stood at Rs 1,19,847 crore of which central GST was Rs 21,923 crore, state GST was Rs 29,014 crore, built-in GST was Rs 60,288 crore, which included Rs 27,424 crore collected on import of items. Of the whole collections, cess was Rs 8,622 crore which included Rs 883 crore collected on imports.

About 90 lakh GSTR-3B returns have been filed for the month of December as much as January 31, 2021.

The authorities has settled Rs 24,531 crore to CGST and Rs 19,371 crore to SGST from IGST as common settlement.

The complete income earned by Central Government and the State Governments after common settlement within the month of January is Rs 46,454 crore for CGST and Rs 48,385 crore for the SGST.

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